If you have more than $600 in your bank account, the IRS wants to know

Freedomworks' Beverly McKittrick writes, "A Biden administration proposal, now being considered as a 'revenue raiser' in the $3.5+ trillion congressional budget legislation, would require banks and other financial institutions to report deposits and withdrawals for all accounts--business and personal--to the IRS. The reporting requirement would extend to services such as Venmo and PayPal. There is an exception for accounts totaling less than $600…

⚠️ WARNING: If You Have More than $600 in Your Bank Account, the IRS Wants to Know! #Biden #ampFW https://t.co/d5oVq33IqF

— FreedomWorks (@FreedomWorks) September 24, 2021

Ensuring taxpayers pay what they owe is important, but this proposal is Big Government overreach at its worst. It poses an unprecedented intrusion into the smallest details of Americans’ personal finances."

Read the entire story.